GBPUSD MARKET ANALYSIS

 Good afternoon traders, it's another week getting closer to the US elections happening next week and I hope you're ready to take advantage of the volatility during this elections period. Into the markets I am looking at GBPUSD where price rallied to a key H1 & H4 supply zone at 1.29900 & 1.29640 which was the origin of the previous drop to the H1 & H4 low at 1.29100. Price rallied to 1.29900 and formed rejection wicks with candle closes inside the zone. Took sell positions during NY session yesterday at 1.29930 with SL at 1.30140. Setup taken is a rally base drop, a reversal setup and my target is at 1.28500, the next major daily demand zone.

Price dropped to 1.29600 then retraced back deep into supply at 1.29890 almost back at entry. Price rallied higher missing my SL by few pips then dropped 50 pips to 1.29410 then reversed and rallied strongly taking out my positions and hitting SL. Price formed a H1 & H4 minor demand zone at 1.29410 & 1.29120 causing a bullish reversal back to the major H4 supply zone at 1.30740 & 1.30300 which was the origin of the previous drop to the minor H1 & H4 demand zone. Price formed a rejection wick at 1.30313 with candle closes below supply followed by a strong drop of 180 pips to 1.28450, hitting my previously anticipated target of 1.28500. Price reversed from 1.28450 and rallied 130 pips to 1.29750, breaking the minor H1 & H4 demand to the upside and closed the week at 1.29194.